Planet Earth Recycling Inc. Corrects and Clarifies Certain Statements Made In Press Releases Dated April 25 and 26, 2001
Howard Stillman, a securities analyst, is not part of management nor an employee of the Company and that Mr. Stillman was not compensated by the Company for preparing his report on the Company.
The Company believes that Mr. Stillman was paid $5,000 by a third party for preparation of his report. It also sought to correct the estimated earnings published by Whitehorne & Company, Ltd.
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Planet Earth and Thermo Tech:
Planet Earth Operating assumes all operational and financial responsibilities for the profitable North American operations of Thermo Tech (TM) Technologies Inc., a multi-million dollar, global environmental technologies company.
Under the terms of the agreement, Planet Earth Operating will operate Hamilton Bio Conversion Inc., a 1,200 ton per day Thermo Master(TM) Mark III plant, serving the needs of Greater Toronto, Ontario. The agreement also covers a full spectrum of corporate administrative and support services including completion of fiscal year end functions such as audits, annual financial reporting and filing and related legal consultations for Thermo Tech(TM).
Planet Earth Operating's dynamic, fully integrated infrastructure has a mandate to put Thermo Tech(TM) in a net profit position across North America by April 1, 2002. Upon satisfaction of this objective, Planet Earth Operating will have the option to renew its contract.
"The Thermo Tech(TM) contract is yet another example of Planet Earth's unlimited potential, and certain, steady growth. We are energized by Thermo Tech(TM)'s endorsement of our company and are eager to embark on our highly profitable and productive association," stated Rowland Wallenius, President of Planet Earth Operating Services Inc.
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